Federal regulators have set the stage for a robust public debate and comment period on their proposed risk retention rules under Section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act). Many constituencies have recognized that the final form of these rules has the potential to have a significant impact on the cost and availability of a wide range of consumer and commercial credit, including residential mortgages. On May 13, 2011, fifteen groups representing both financial services industry participants and consumers requested that the comment period on the proposed rules be extended from June 10, 2011 to July 22, 2011.
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